Southeast

InvenTrust Acquires Whole Foods-Anchored Center in Metro Charlotte for $31M

by John Nelson October 20, 2016

HUNTERSVILLE, N.C. — InvenTrust Properties Corp. has purchased Northcross Commons, a 61,000-square-foot, grocery-anchored shopping center in Huntersville, roughly 14 miles north of Charlotte. InvenTrust acquired the Whole Foods Market-anchored center from Hawthorne Retail Partners for approximately $31 million. Located at 9121 Sam Furr Road, Northcross Commons is situated adjacent to Birkdale Golf Community and Country Club and Birkdale Village, a retail development leased to tenants such as Banana Republic, Williams-Sonoma, Regal Cinemas, Talbots and Barnes & Noble. InvenTrust’s portfolio in metro Charlotte includes Poplin Place in Monroe and Sycamore Commons in Matthews.

October 20, 2016

Georgia Retail Southeast

SRS Arranges Sale of Grocery-Anchored Shopping Center in Georgia

by John Nelson October 20, 2016

CARTERSVILLE, GA. — SRS’ Southeast investment sales team in Atlanta has brokered the sale of Felton’s Crossing, a 112,240-square-foot shopping center located at 879 Joe Frank Harris Parkway in Cartersville. Situated near the southwest corner of the intersection of East Road and Felton Place, Felton’s Crossing is situated on a 10.9-acre parcel and in anchored by Ingles and Planet Fitness. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller, Felton’s Associates LLC, in the transaction. The buyer, a private fund, purchased the property for an undisclosed price and was self-represented in the transaction.

October 20, 2016

Mixed-Use North Carolina Southeast Top Stories

Horizon Development Properties Selects Fallon Co. to Develop $330M Mixed-Use Project in Charlotte

by John Nelson October 20, 2016

CHARLOTTE, N.C. — Horizon Development Properties Inc. (HDP) has selected The Fallon Co. to serve as the master developer for the redevelopment of the 16.2-acre Strawn Cottages site in Charlotte. Once completed, the new $330 million mixed-use development will feature 725 new mixed-income apartments, with 145 of the apartments deemed affordable; 20 units of for-sale townhomes; approximately 57,000 square feet of retail space; approximately 330,000 square feet of office space; a hotel featuring 180 rooms; and a central green space. “HDP is excited about The Fallon Co.’s vision that will create an ‘inclusive housing strategy’ within a dynamic mixed-use community,” says A. Fulton Meachem Jr., chief executive officer of HDP. “The Fallon Co. will ensure that HDP’s goal of providing 20 percent of the new rental apartments affordable to families earning between 65 to 80 percent of the area median income becomes a reality. Our model is an essential smart growth strategy that can be duplicated all over our great city.” Situated immediately adjacent to South End in the Dilworth neighborhood, the site is one of the largest fully entitled, transit-oriented development sites in the region. The redevelopment will be conducted in multiple phases, the first of which will consist …

October 20, 2016

Georgia Southeast Student Housing

Landmark, Selig Underway on $110M Student Housing Project in Midtown Atlanta

by John Nelson October 19, 2016

ATLANTA — Athens, Ga.-based Landmark Properties and Atlanta-based Selig Enterprises have teamed up to co-develop The Standard at Atlanta, a new 362,000-square-foot student housing and mixed-use development in Midtown Atlanta. Construction on the 765-bed development began in August, and the Atlanta Business Chronicle reports the development costs total $110 million. Landmark and Selig expect the first phase of the project to be open to residents during the second half of 2018 and anticipate pre-leasing to begin in late 2017. Bound by Spring, Williams, 3rd and 4th streets, The Standard will be situated less than a half-mile from Georgia Tech’s campus and one block from Technology Square. The Standard’s amenities will include a clubhouse, rooftop pool, tanning beds, fitness center, sauna, golf simulator, study lounge and computer lab. Residences will include granite countertops, stainless steel appliances, hardwood-style floors, washers and dryers and private balconies in select units. The Standard will provide a mix of studio, one-, two-, three-, four- and five-bedroom floor plans and will also include commercial retail space on the ground floor featuring more than 10,300 square feet and a new Starbucks with a drive-thru. There will also be more than 500 parking spaces for residents and 55 spaces …

October 19, 2016

Florida Loans Multifamily Southeast

BB&T Provides $103M Construction Loan to Melo Group for Square Station High-Rises in Miami

by John Nelson October 19, 2016

MIAMI — BB&T Bank has provided a $103 million construction loan to Miami-based Melo Group for Square Station, a multifamily development located at 1424 N.E. Miami Place in downtown Miami’s Arts and Entertainment district. Set for completion in 2018, the property will include two 34-story high-rise towers comprising 710 apartment residences and 15,000 square feet of ground-level retail and restaurant space. Situated adjacent to the Miami-Dade Metromover School Board Station, the apartment project will include one-, two- and three-bedroom apartments with rental rates ranging from approximately $1,650 to $2,500 per month. Interiors will include granite countertops, stainless steel appliances, laminated wood floors, porcelain tile and full-size washer and dryers in all units. Community amenities will include a resort-style swimming pool and pool deck, Jacuzzi, fitness center, valet service, covered garage parking, security control remote access and a social room for residents.

October 19, 2016

Maryland Multifamily Southeast

PRP Acquires Apartment Community in Maryland for $70.4M

by John Nelson October 19, 2016

GERMANTOWN, MD. — PRP LLC has acquired The Park at Kingsview Apartments, a 326-unit, Class A apartment community located in the Kingsview community of Germantown. PRP purchased the property from TA Associates Realty for $70.4 million. Built in 2001 with average unit sizes of 1,055 square feet, The Park at Kingsview features a swimming pool, clubhouse, fitness center with an aerobic studio, conference room/business center, lounge with a fireplace and a children’s play room. The community also offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. PRP plans to implement a $3.5 million renovation of the property, including a renovated clubhouse, new pool area, in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, 42-inch espresso cabinetry, nickel hardware, new lighting, new bathrooms and wide plank flooring.

October 19, 2016

Georgia Seniors Housing Southeast

Greystar Breaks Ground on Two Age-Restricted Communities in Metro Atlanta

by John Nelson October 19, 2016

ATLANTA and KENNESAW, GA. — Greystar has broken ground on two active adult communities in metro Atlanta: Overture Barrett in Kennesaw and Overture Lindbergh in Atlanta. Both apartment communities are restricted to residents over the age of 55. Overture Barrett will offer 175 luxury apartments and Overture Lindbergh will offer 190 apartments. The communities will include one- and two-bedroom apartments featuring gourmet kitchens with prep islands, granite countertops, tiled backsplashes, custom cabinetry and stainless steel appliances, wood-style plank flooring, nine-foot ceilings, spa-style showers and garden tubs, walk-in closets, full-size top-load washers and dryers, and private balconies or patios in select units. The developers plan to complete construction on Overture Barrett by February 2018 and Overture Lindbergh by summer 2017. Greystar, a South Carolina-based multifamily developer and operator, will break ground on nearly a dozen Overture-branded active adult properties during 2016 in Georgia, Texas, Virginia, North Carolina, Florida, California and Arizona.

October 19, 2016

Mississippi North Carolina Southeast Student Housing

Blue Vista Capital Sells Three Student Housing Properties in North Carolina, Mississippi

by John Nelson October 19, 2016

CHICAGO — Chicago-based Blue Vista Capital Partners has sold three student housing communities located in Mississippi and North Carolina totaling 990 beds. The dispositions include Lafayette Place, a 366-bed community located near the University of Mississippi in Oxford; First Street Place, a 288-bed community located near East Carolina University in Greenville, N.C.; and Pembroke Place, a 336-bed community located near The University of North Carolina at Pembroke in Pembroke, N.C. Campus Partners LLC acquired Pembroke Place. The buyers of Lafayette Place and First Street Place were undisclosed. Dorothy Jackman, Steven Peden and Travis Prince of Colliers International represented Blue Vista Capital Partners in all three transactions. The sales prices were undisclosed.

October 19, 2016

District of Columbia Loans Office Southeast

Prudential Mortgage Capital Provides $66.5M Refinancing of Office Tower in D.C.

by John Nelson October 18, 2016

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided the $66.5 million refinancing of a newly built, 112,635-square-foot trophy office building located at 900 G St. in Washington, D.C.’s East End district. Sue Carras, Cary Abod, Dan McIntyre and Rob Carey of HFF arranged the loan through Prudential Mortgage Capital on behalf of the borrower, ASB Real Estate Investments. Completed in 2015, the LEED Gold-certified building features a three-level, below-grade parking garage, windows on three elevations with floor-to-ceiling glass and a rooftop conference center. Anchored by law firm Simpson Thacher & Bartlett LLP, the office tower is also home to BMW, Herman Miller, Roberti Global and the Truth Initiative. The property is situated across the street from the Gallery Place/Chinatown Metro station and less than two blocks from the Metro Center Metro station.

October 18, 2016

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $28.4M Sale of Affordable Housing Portfolio in Tampa Bay Area

by John Nelson October 18, 2016

WESLEY CHAPEL AND PLANT CITY, FLA. — Marcus & Millichap has arranged the $28.4 million sale of two affordable housing communities in the Tampa Bay metro area. The properties include Pasco Woods Apartments, a 200-unit community in Wesley Chapel, and Park Springs, a 200-unit community in Plant City. The assets sold for cap rates of 5.9 percent and 5.34 percent, respectively. Both properties were built in 2000 under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and both properties were 100 percent occupied at the time of sale and have long histories of high occupancy. Ray Turchi, Chris Travis and Kristin Boekhoff of Marcus & Millichap’s Orlando office represented the seller, a private investor, in the transaction. The trio also secured the out-of-state institutional buyer.

October 18, 2016

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